Bad Credit Agency

Can a second party that bought a bad debt from 13 years ago report to the credit reporting agency?

In 1994 my husband had a bad accident at work and our credit took a dive, Here we are 14 years later and we have a 700+ fico and we started to get calls and also being reported to the credit agency companys that we never heard of, Can an agency buy the bad debt that was written off over 10 years ago and start messing with your fico score. I thought that after 10 years the creditors could not report back as a dab debt. does that not apply if some other company buys the debt.

Public Comments

1. No you need to contact equifax, transunion and write a leeter and get this off of your credit.
2. NO. Even if a third or fourth party buys the debt, they have to report to the CRA the correct date the account went delinquent (date of last missed payment). The CRA's know that a debt can only be listed on your report for 7 years (plus 180 days). If the collection agency redated the debt then they have violated the following: RE-DATING OF THE DEBT IN VIOLATION OF [CITE: 15USC1681s-2] § 623. Responsibilities of furnishers of information to consumer reporting agencies a) Duty of furnishers of information to provide accurate information (1) Prohibition (A) Reporting information with actual knowledge of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. (B) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if-- (i) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate; and (ii) the information is, in fact, inaccurate. As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:). So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action. If they (the collection agency) has re-dated the debt, then you can puruse legal action and file a suit against the collection agency. Hope this answers your question LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.
3. They can still try to collect from you, but legally can not report it to the credit bureau after 7 years. They get around this by selling your collections account to another agency, which changes the "collections" date. What you need to do is get a copy of your credit report if you haven't done so already, and check it for outdated debts. You're entitled to a free report every year from all the bureaus, the link for it is below. You need to have proof it's outdated, so find some paperwork, or old credit report with the original write-off date of all your past bad debts, make copies and send it certified mail with return receipt to all the credit bureaus with a letter stating you have outdated entries on your credit report. They have 30 to review it, and respond or it has to come off your reports. If they do say they will take it off, you are entitled to a free credit report to verify they did, and make sure you absolutely do! They told me a few times they took something off and didn't. You have to stay on top of their @sses, and Document everything! Same crap happend to me, and this is what I did. Actually, I went to Staples or Office Depot and bought a Credit Repair Kit (cheap, maybe 10 bucks). It has all the letters you would need to write to dispute any kind of debt with the statute numbers to support your claim, and all the info you need as to how the process goes, how long they have to respond and what you are entitled to, basically all the credit laws and how to deal with them. Mine is from quite a few years ago, and statute numbers and response dates may have changed, so I don't think if I gave them to you, it'd be useful. Maybe it will, let me know and I'll email them to you. Make sure you keep all paperwork for all bad debts forever. You never know when you're going to need it! sgt big red is right, if you get that credit repair kit, it can give you all the official statutes and how to prove and dispute them. This looks like the one I have http://www.amazon.com/Complete-Credit-Repair-Kit-CD-ROM/dp/1572486813/ref=pd_lpo_k2_dp_k2a_1_img?pf_rd_p=304485601&pf_rd_s=lpo-top-stripe-2&pf_rd_t=201&pf_rd_i=0470276738&pf_rd_m=ATVPDKIKX0DER&pf_rd_r=0VHRPEKDMYMZ9C4NKH15
4. I am going through the same thing right now. I have an account I know nothing about; the credit card company will not validate the debt; the credit bureaus refuse to do anything. And yes, your credit score will go down/even if you get if off your credit report, the damage has already been done. I am finding out the credit reporting companies are just as bad as the collections agencies.